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Zorba keeps us guessing

Discussion in 'Rugby League Forum' started by ManlyBacker, Jan 21, 2006.

  1. ManlyBacker

    ManlyBacker Winging it Staff Member

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    Class acts on board secure clubs
    ZORBA
    Manly Daily 21jan06

    The nightmare of Darren Albert flashing across the tryline to snatch the 1997 grand final from Manly in the dying minutes turned the after-match function a few hours later into a wake.

    At that time the club need a morale booster and the then powerhouse businessman Paul Cummings delivered.

    While most wallowed in self-pity that night Cummings put his company into an extension of its lucrative sponsorship of the Sea Eagles via the the world-wide film and camera giant Fuji.

    Who could have believed that nine years later Cummings would be the man to lead the Sea Eagles out of a near-death situation to today's only real privately-owned team in the NRL?

    While other clubs flirt with a privatisation affair, Manly have boldly shown the rest of the league world how to do it.

    The announcement on Wednesday that Penn Sport had purchased the remainder of the shares available in the Sea Eagles has been a continuation of the privatisation plan from June 2004 when members voted by more than 94 per cent to accept the revolutionary pathway.

    Max Delmege's generosity in Manly's hour of need can never be forgotten.

    There was never anything commercial about his decision to financially support his beloved Sea Eagles.

    It was a decision of the heart - a direction followed by Penn Sport who see their injection of finance to Manly as more of a community service than a business decision.

    Scott Penn was the original underbidder back in 2004 and he has remained on the board since and has now achieved his objective to be a major shareholder in the club he has followed since he was a youngster.

    With Penn Sport joining with Delmege Commercial to own almost 80 per cent of the maroon and whites, the long-term financial future of the club is assured.

    A small hardcore group have worked hard to make it happen but there can be no doubt that the astute and dynamic leadership of Paul Cummings has played more than a significant role.

    The former CEO of Hanimex in Australasia answered the call from Manly Godfather Ken Arthurson to brainstorm Manly's comeback.

    Since Cummings retired from his constant travelling days as CEO of Fuji Film he has devoted all his energy and knowhow into rebuilding the Sea Eagles on and off the field.

    He has negotiated the political minefield and emerged with great dignity and success.

    His standing down as executive chairman of the Sea Eagles co-coincides with the completion of the sale of shares into the Sea Eagles.

    That doesn't mean Cummings will be lost to the organisation far from it.

    He will remain as a board member and concentrate more on his vital role as chairman of Manly Leagues Club which continues to contribute a $1million a year to the Sea Eagles and together with the equal major shareholders remains the main benefactor behind the Sea Eagles.

    As such the Leagues Club has two positions on the Sea Eagles Board which will be now chaired by outstanding young business man and avid Sea Eagle supporter Joe Cross.

    With the football club ready now to march on,Cummings will press home some exciting plans for the almost 30,000 Leagues Club members. Cummings wants members in a brand new club in the near future to complete a promise he made to his close friend Ken Arthurson.

    The two talk by phone most days and both won't rest until the Sea Eagles are the most hated team in the NRL again.

    That will be the signal that the Sea Eagles are once again the envy of the League. Manly needed a tough,uncompromising but fair leader after Arko and got one in Paul Cummings.

    DES Hasler's quiet persona should never be taken as a sign of weakness.

    Indeed the Sea Eagles head coach is a tough taskmaster in his role and refuses to bend easily.

    The NRL filmed the 2006 advertising campaign this week and elite players from all clubs attended.

    Part of the opener will show the captains from each club grabbing for the Telstra Cup.

    Only problem is that Manly haven't appointed a captain for the upcoming season and aren't likely to until the week of the season opener. To their credit the NRL accepted the Manly position and Steve Menzies had his hand on the coveted cup with the blessing of his team-mates.

    The move shouldn't be taken as a pointer that Beaver may be skipper in what could be the final season of his fabulous career.

    Manly's likely captain has produced a never ending saga in the media with up to six players having been mentioned as possibilities. The decision is Hasler's and he isn't saying a thing.
     
  2. ManlyBacker

    ManlyBacker Winging it Staff Member

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    The exciting news about the purchase of 40% of the Sea Eagles continues to be clouded in mystery. I anxiously waited for Zorba’s column in today’s Manly Daily (above) to get some answers or at least a clearer picture of what is happening and what it means. Sorry Zorba, you should consider taking back the role of Marketing Manager as the corporate speak is full of gigantic teasers worthy of some of the best marketing campaigns and creates more questions than answers.

    Look, I have no vendetta against you or the club, but why the secrecy? There is zero on the official site, just the press release.

    I wrote yesterday:
    “I don't understand why the offer and acceptance details haven't been disclosed by the club. As a football club member I am trying to understand the fluctuating percentages we have supposedly bought back. The accounts released by the Football Club in December and sent to my home show the monies collected from us were applied to a buyback of shares from Max and then deleted from the accounts as having zero value. How is this possible?
    I would just like to understand what has been done and how much was involved, exactly what Penn has bought and what it means, and what is the process and conditions on football club members purchasing back control from these individuals.
    I am not complaining about the fact that we have benefactors - just the silence in telling us what is going on.”

    In your article today you state:
    “While other clubs flirt with a privatisation affair, Manly have boldly shown the rest of the league world how to do it.
    The announcement on Wednesday that Penn Sport had purchased the remainder of the shares available in the Sea Eagles has been a continuation of the privatisation plan from June 2004 when members voted by more than 94 per cent to accept the revolutionary pathway.”

    No offence but this decision was taken after much heated debate and the realisation that without an urgent injection of funds we would go under. There is no doubt that Max’s support was ruled by the heart and was never a business decision, to which almost everyone I know is forever grateful. I doubt it was embraced with enthusiasm to show the League world we intended to boldly go where others feared to tread.

    “With the football club ready now to march on,Cummings will press home some exciting plans for the almost 30,000 Leagues Club members. Cummings wants members in a brand new club in the near future to complete a promise he made to his close friend Ken Arthurson."

    OK, what plans for a brand new club??

    In the corporate world there are many reasons why information is not released. Usually it is because of competitive reasons or the fine details haven’t been worked out (and may even be fluctuating with options). The approval of the purchase by Penn was made by the Board so I am going to presume that due diligence was exercised and the implications and restrictions have been clearly defined.

    So what is the reason why I can’t find out about what is happening to my club?

    Anyone else have an opinion? (Please, don’t insult our intelligence by saying that they know what they are doing and it is none of our business – go post that sort of deep thought at another site).
     
  3. Matabele

    Matabele Well-Known Member

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    I wonder if some of those questions wouldn't be good to ask of ASIC?

    The lack of financial details to "members" is startling.

    If 5% of members group together they can force the issue however.
     

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